)
Markets continue to reel under selling pressure as investors put a cautious foot forward over the Greek referendum. The downward trend is led by financial and capital goods shares.
At 10:40 AM, the 30 share Sensex lost 216 points at 27,876 levels while the 50 share Nifty held on to its level 0f 8,400 and was trading at 8,424, down by 60 points.
The top losers on the Sensex are Vedanta, Tata Steel, Hindalco, ICICI Bank, and Tata Motors, all down between 1.8 -3.9% each on the Sensex.
___________________________________________________
(updated 9:45 AM)
Benchmark indices commenced the week sharply lower as investors put a cautious foot forward over the Greek referendum. The Greece voters voted against the bailout conditions, raising fears of a Grexit from the Euro zone. Panic over Greece exit, which has spread across Asian markets, is weighing on the local equities.
The 30 share Sensex opened the session at 27,897 level, down by 195 points or 0.70 % , while the 50-share Nifty was at 8,429 level, down by 55 points or 0.66%.
The broader markets are marginally outperforming their larger counterparts with BSE Midcap and Smallcap indices 0.3% down each.
On Friday, the Sensex surged 147 points to end at 28,093 highest and the Nifty climbed 40 points to end at 8,485.
Meanwhile, RBI Governor Raghuram Rajan said the Indian economy was recovering and there were signs of a pick-up in capital investments.
Moreover, the progress in monsoons, the corporate earnings for the first quarter and macroeconomic data, Index of Industrial Production for the month of May, would likely to dictate the trend on the bourses for the week.
RUPEE
On the currency front, the Indian rupee slid 17 paise against the American Dollar and was quoting at 63.61 against it previous close of 63.44
GLOBAL MARKETS
Asian markets fell on Monday after a Greek vote against austerity measures endangered its future in the single currency and raised the risk of a full-blown crisis in the euro zone.
Japan's Nikkei dropped 1.4% while MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.5%. However, bucking the trend China’s Shanghai Composite gained 5% after the stimulus measures in Beijing over the weekend restored the confidence of investors.
SECTORS & STOCKS
Sectorally, BSE Consumer Durables, BSE Bankex, and BSE Metal indices are major laggards, down between 1.5-2%. Out of the 30 stocks on the Sensex, only 2 stocks are trading in green.
Vedanta has fallen over 3% on the Sensex and is the biggest loser currently.
The financial pack has dragged the markets lower as the Greek voters voted against the bailout conditions thus raising fears of a Greece exit from the Euro zone. The uncertainty over Greece could delay the easing of monetary policy by the RBI.
Bank Nifty has shed 220 points or 1.2%. Axis Bank, ICICI Bank, SBI , HDFC twins have slipped between 0.7-2.2% on the Sensex.
TCS is set to announce its first quarter results on Thursday. The stock has dipped 0.5% on the Sensex.
Index heavyweight Reliance Industries is down marginally by 0.2% on the Sensex while ITC has slipped 0.5%.
Maruti Suzuki India is set to establish a new setup of retail outlets under Nexa brand to sell premium products starting with its upcoming S-Cross model. The stock is marginally low at 0.16% on the BSE.
Tata Motors aims to to add half of the planned new 1,000-plus outlets over the next four years in tier-III and tier-IV towns. The stock has dropped below 1.3% on the Sensex.
Among other shares, Kotak Mahindra Bank was trading higher by 2% on the NSE after the Foreign Investment Promotion Board (FIPB) on Friday cleared the bank’s proposal to raise foreign investment limit in the lender to 55%.
